Buy Simplex Casting; target of Rs 120: Sunidhi Securities

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Buy Simplex Casting; target of Rs 120: Sunidhi Securities

Sunidhi Securities is bullish on Simplex Castings and has recommended buy rating on the stock with a target of Rs 120 in its June 30, 2010 research report.

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Sunidhi Securities is bullish on Simplex Castings and has recommended buy rating on the stock with a target of Rs 120 in its June 30, 2010 research report.

"Simplex Castings's (SCL) continuous modernization, improving product mix and repeat orders from the Indian Railways give good visibility to revenue & profits in the future. SCL is likely to post an EPS of Rs 21.5 in FY11 and Rs 24.5 in FY12. At the CMP of Rs 91, the share is trading at a P/E of 4.2x on FY11E and 3.7x on FY12E. We recommend buy with a target of Rs 120 in the medium term," says Sunidhi Securities research report.

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To read the full report click on the attachment